CRESCENT SEAS SETS SAIL: THE FUTURE OF LUXURY RESIDENCES AT SEA

Industry Veteran and Successful Real Estate Developer Redefines the Cruise Industry Again

MIAMI, March 21, 2025 /PRNewswire/ -- Crescent Heights, one of the country's largest and most prestigious real estate developers, today announced the launch of Crescent Seas, an exclusive new residential model offering luxury residences at sea. Designed for discerning travelers accustomed to the private oasis of the yachting lifestyle, Crescent Seas now brings Crescent Heights vision of creating magical communities in the sky to the high seas.

Crescent Seas will launch with the Navigator – in agreement with the ship's owners, which are affiliates of Norwegian Cruise Line Holdings Ltd. ("NCLH"). It will undergo an extensive and top-grade refurbishment of more than $50 million. Three elite design firms are working with Crescent Seas to complete the redevelopment, Lissoni & Partners, Journey and MAWD, each responsible for respective features across the ships. The Navigator will feature 210 residences, ranging from $750,000 to $8 million. Amenities will include white-glove butler service for all units and Starlink internet connection to allow for remote work or schooling. Residence sales will open to the public on April 9th, with a sales gallery in Miami available for prospective buyers. The Navigator will embark on its maiden voyage in December 2026. Crescent Seas also plans to announce four more luxury residence ships over the next five years.

Russell W. Galbut, a founding partner of Crescent Heights and a leader in the cruise industry, is spearheading the growth of Crescent Seas, "After spending so much time on the seas, we noticed that travelers yearned for more. People on the ships kept telling us they wanted to live this luxurious lifestyle. So, we decided to select ships with the right configurations to convert to the most magnificent cruising yachts," Galbut said. "With most of the earth's surface covered by water, it only felt right to use our 50 years of development expertise on land, to create the most magical residences at sea. Why vacation to just one gateway city when you can be at home and live in all the greatest gateway cities around the globe? After hand-selecting this ship, we hired the same experienced management teams to operate the ship for the first 10 years of operations. We are delighted to be able to provide luxury homes to people that will carry them to places they've only dreamed of."

Unlike traditional commercial cruises, owners of these best-in-class residences will journey on extended voyages around the world staying in each destination for 2 to 3 days. The adventurous itineraries will span across all seven continents, reaching some of the most far stretched destinations on the planet. Marisa Galbut, President of Crescent Seas stated, "Residents will venture to exotic parts of the world to explore places like French Polynesia, the Faroe Islands and Madagascar."

Ensuring a first-class level of service, each ship will be continuously operated and maintained by their existing crews; and the day-to-day on-board hospitality services will continue to be handled by the existing service provider, The Apollo Group. With more than 50 years of experience in the cruising industry, The Apollo Group will provide the highest level of service and dining for every resident as they have in the past.

"We are delighted to announce that Navigator will continue to sail the ocean with Crescent Seas. While we know Navigator is a favorite to many guests, with our two new Prestige Class ships on order, this agreement allows us to optimize our fleet while ensuring Navigator continues creating unforgettable memories at sea," said Jason Montague, Chief Luxury Officer of Regent Seven Seas Cruises.

Crescent Seas is being launched through GFO Investments, Galbut's global family office and a major investor in Crescent Heights. As Co-Founder and Managing Principal of Crescent Heights, Galbut has an exemplary track record of developing urban projects in gateway cities across the country including Ten Thousand Santa Monica Blvd and The Remington in Los Angeles, Forma Miami, and the redevelopment of 25 Broad Street in New York City into the most desired homes and residences. Galbut's development expertise coupled with his over 23-year tenure in the cruise industry gives Galbut a unique vantage point to meet the current market demands and drive the success of Crescent Seas.

About Crescent Seas
Crescent Seas is the ultimate residence at sea community, redefining the art of world travel with unparalleled sophistication, personalized service, and a sense of home no matter where you are. Crafted for the discerning explorer who craves adventure without sacrificing exclusivity and opulence, Crescent Seas delivers extraordinary long voyages and immersive destination experiences staying in ports for 2 to 3 days overnight. Our fleet guarantees smooth, top-tier service from port to port, creating a seamless journey that welcomes you home on the open seas. For more information, visit crescentseas.com.

About Crescent Heights
Crescent Heights is America's premier urban real estate developer specializing in the development, ownership, and operation of architecturally distinctive mixed-use high-rises in major cities across the United States. The architecture, interior design, and amenities of each project are infused with the history, climate, and character of its local neighborhood. Crescent Heights actively engages local stakeholders to ensure that each project supports the long-term well-being of its community. The firm is committed to creating projects of enduring value and prestige that help communities thrive long into the future.

About The Apollo Group
Rafael A. Ordonez was the founder of The Apollo Group, a leader in global cruise management and hospitality services, dedicated to excellence and innovation. Through strategic partnerships and community initiatives, The Apollo Group is committed to empowering future leaders and fostering growth in the hospitality industry and is a world class leader of such services.

About GFO Investments
GFO Investments is a private wealth management advisory firm focusing on real estate development and ventures such as hospitality operations, private financing, and capital market securities. Our firm is committed to fiscal discipline and achievement, evident by over 50 years of business excellence. We represent and invest solely on our behalf.

Crescent Seas is being developed, offered and sold by Crescent Sea Development, LLC, a Florida limited liability company, and its controlled affiliated entities ("Crescent Seas") and not by GFO Investments ("GFO"), Crescent Heights ("CH"), or their affiliated entities and persons. Crescent Seas is a separate legal entity from GFO or CH. Any and all statements, disclosures and representations shall be deemed made by Crescent Seas and not by GFO or CH, and any persons agree to look solely to Crescent Seas (and not to GFO or CH) with respect to any and all matters relating to the marketing and/or development of the ships and with respect to the potential sales of residences on the ships. This is not an offer to sell, or solicitation to buy, to potential residents of any jurisdiction where it is prohibited by law, and any person's eligibility for any purchase will depend upon such person's state of residency. Any offering of residence on the ships by Crescent Seas shall made only by the offering documents prepared and distributed by Crescent Seas, and no statements or representations should be relied upon if not made in such offering documents.

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SOURCE Crescent Seas